A new report from Matrixport has highlighted the chances of Bitcoin hitting a price of $56,000 in the long term. Matrixport hinges these chances on the potential approval of the Bitcoin spot ETF approval from investment banking giant BlackRock Inc.
While the report defines and pegs a conservative estimate at $42,000, it believes with the inflow of about $50 billion from Registered Investment Advisors (RIAs) that may embrace the BlackRock iShares ETF offering, the premier digital currency could jump as high as $56,000.
BlackRock's influence in the Bitcoin ETF race has been marked as a game-changer and a major catalyst that will make the United States Securities and Exchange Commission (SEC) approve the ETF product faster. Notably, the narrative concerning this securities product is changing, considering the fact that the market regulator failed to appeal the court's ruling on the proposed conversion of Grayscale Bitcoin Trust (GBTC) to an active ETF.
The failure to appeal the ruling, per many market proponents, is an indication of the SEC's changing stance, solidifying the prediction that the odds of scoring a Bitcoin spot ETF approval this year are high.
Bitcoin price outlook
Besides Matrixport, a number of other market experts have also revealed their own forecast for Bitcoin for the foreseeable future. One resounding projection is from Cathie Wood, the founder and CEO of Ark Invest, a firm that is also in the race for Bitcoin ETF approval.
According to Wood, Bitcoin has a best-case scenario to jump to $625,000 in the near term with the bull-case scenario pegged at $1.5 million. From other projections, the $56,000 bull case is highly conservative compared to the $220,000 called by top investor Max Keiser, as reported earlier.
The anticipation for the Bitcoin spot ETF is heightened, and per Mike Novogratz, this approval can be secured before the end of this year.